Securitized secondary market volume strong; CBO/CDO/CLO paper mostly softens

By Cristal Cody

Tupelo, Miss., Jan. 15 – While the new issue CLO market continues to gear up in 2020, secondary trading has been strong so far year to date.

On Tuesday, $513.05 million of investment-grade CBO/CDO/CLO issues and $442.43 million of lower-rated CBO/CDO/CLO paper traded, according to the latest data from Trace.

The investment-grade securities traded at a 99.50 average price and 99.60 weighted average price, while the non-high-grade issues traded at an average 89 price and 82.70 weighted average price.

On Monday, $554.3 million of high-grade issues traded at an average 99.50 price and a weighted average price of 99.70. In the first session of the week, $309.99 million of lower-rated securities traded at an average price of 92 and a weighted average price of 89.90.

In primary activity reported so far this year, GC Investment Management LLC priced a $400 million second refinancing of the AAA tranche in the vintage 2015 Golub Capital Partners CLO 28(M) Ltd./Golub Capital Partners CLO 28(M) LLC middle-market deal last week.

A broadly syndicated refinancing is expected from Seix Investment Advisors LLC, which plans to reprice the Mountain View CLO 2016-1, Ltd./Mountain View CLO 2016-1, Corp. deal.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.